• Bitcoin price at risk of a deeper push south as upside potential is limited.
  • Ethereum price develops a bull-trap pattern, warning of some continued weakness.
  • XRP price may find some bullish momentum due to a key Ichimoku time-cycle.

Bitcoin price faces a double-bottom pattern on its $1,000/3-box Reversal Point and Figure Chart hinting at a substantial drop ahead of the Thanksgiving weekend. Ethereum price filled a prior gap between the bodies of the weekly candlesticks and the weekly Tenkan-Sen, but downside risks remain. XRP price may begin a new swing higher because of a Kumo Twist.

Bitcoin price faces -16% drop ahead of Thanksgiving holiday and weekend

Bitcoin price has developed a double-bottom on its Point and Figure chart, creating a short opportunity for the bears. The hypothetical short entry is a sell stop order at $55,000, a stop loss at $59,000 and a profit target at $42,000. While the Vertical Profit Target Method in Point and Figure Analysis projects an actual target of $37,000, likely, the neckline (black diagonal line) of the prior inverse head-and-shoulders pattern will act as support.

BTC/USD $1,000/3-box Reversal Point and Figure Chart

Bulls could invalidate the near-term bearish bias by pushing Bitcoin price to a close above the former 100$ Fibonacci expansion level at $63,000. From there, a renewed push to all-time highs would likely commence.

Ethereum price likely to face continued weakness

Ethereum price, like Bitcoin, shows signs of continued weakness ahead. A bear trap pattern is in development on Ethereum’s $25/3-box Reversal Point and Figure chart. This pattern can create substantial selling pressure as late-term buyers inevitably turn into sellers as prices accelerate their movement south.

ETH/USD $25/3-box Reversal Point and Figure Chart

The theoretical short entry is a sell stop order at $4,050, a stop loss at $4,150 and a profit target at $3,300. However, the weekly Tenkan-Sen (not shown) is at $3,800 and could limit any further downside pressure for Ethereum. Therefore, any daily close above $4,400 would invalidate the short trade idea.

XRP price could lead altcoins to outperform Bitcoin and Ethereum

XRP price has undoubtedly had a bearish past two weeks. From the November 10th swing high, XRP is down over 24%. However, the Kumo Twist coming up on November 24th could end that downtrend and move higher. Kumo Twists, when Senkou Span A crosses above or below Senkou Span B, are often periods where significant major and minor swing highs and lows are found.

XRP/USDT Daily Ichimoku Chart

XRP price would need to close at or above the $1.19 value are to return to a bullish market. From there, XRP is poised to begin its run above the $2.00 value area. However, if XRP remains below the Cloud ($1.05) throughout the week, a steep drop towards $0.84 is next.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Three reasons why Chainlink could rally

Three reasons why Chainlink could rally

Chainlink has noted accumulation by large wallet investors for the past two weeks. Nearly $110 million in LINK has been withdrawn from exchanges in this time period. LINK sustained above $13 on Sunday, extending gains by nearly 1%. 

More Chainlink News

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple holds on to double-digit gains, highest in top 20 cryptocurrencies

Ripple rallied over 19% in the past seven days per CoinGecko data. The altcoin broke past resistance at $0.50 on the one-year anniversary of Judge Analisa Torres’ XRP ruling. 

More Ripple News

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin breaks $60,000 as market anticipates re-election of pro-crypto former President Trump

Bitcoin extended gains post the shooting at the rally of US Presidential candidate Donald Trump. The former President is a pro-crypto candidate, and a report by Fortune shows that Trump’s chances of winning the race increased after the Saturday events.

More Bitcoin News

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum ETF launch could push Ether to new all-time high, on one condition

Ethereum (ETH) traders are watching two key events closely: the anticipated approval of the Spot Ether ETF and the activities of whales, the large wallet investors holding ETH. An analyst has predicted that the odds of Spot Ether ETF is 72.7% this week. 

More Ethereum News

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin: Investors wonder if BTC troubles are behind

Bitcoin (BTC) stabilized around the $57,000 mark this week, while the German Government persists in transferring Bitcoin to exchanges. Concurrently, US spot Bitcoin ETFs have recorded inflows. On-chain analytics indicate that whales are accumulating BTC during dips, potentially foreshadowing an imminent rally in the days ahead.

 

Read full analysis

BTC

ETH

XRP